World Insurance Marketplace

World Life And Nonlife Insurance In 2018

Outside the United States, the insurance industry is divided into life and nonlife (or general insurance), rather than life/annuity and property/casualty. Swiss Re’s 2018 world insurance study is based on direct premium data from 147 countries, with detailed information on the largest 88 markets. World insurance premiums rose 1.5 percent in 2018, adjusted for inflation, to $5.2 trillion, reaching the $5 trillion mark for the first time. 2018’s rise was above the 1.2 percent growth recorded in 2008 to 2017. Nonlife premiums grew 3.0 percent in 2018, adjusted for inflation, faster than the 2.2 percent growth from 2008 to 2017. Life insurance premiums grew 0.2 percent in 2018, falling behind the 0.6 percent rise in 2008 to 2017, adjusted for inflation.

Top 10 Countries By Life And Nonlife Direct Premiums Written, 2018 (1)

(US$ millions)

Total premiums

Rank

Country

Life premiums

Nonlife premiums (2)

Amount

Percent change
from prior year

Percent of total
world premiums

1

United States (3), (4)

$593,391

$875,984

$1,469,375

5.0%

28.29%

2

PR China (4)

313,365

261,512

574,877

6.2

11.07

3

Japan (4), (5)

334,243

106,405

440,648

3.8

8.49

4

United Kingdom (4)

235,501

101,009

336,510

5.2

6.48

5

France (4)

165,075

92,888

257,963

5.6

4.97

6

Germany (4)

96,439

145,046

241,485

6.3

4.65

7

South Korea (5)

98,072

80,951

179,024

-1.2

3.45

8

Italy

125,341

44,933

170,273

6.9

3.28

9

Canada (4), (6)

54,070

73,833

121,181

5.5

2.46

10

Taiwan

102,044

19,864

121,908

3.8

2.35

(1) Before reinsurance transactions.
(2) Includes accident and health insurance.
(3) Nonlife premiums include state funds; life premiums are net premiums and include an estimate of group pension business.
(4) Estimated or provisional.
(5) Financial year April 1, 2018 – March 31, 2019.
(6) Nonlife premiums are gross premiums, including reinsurance.